HANKOOK TIRE & TECHN

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CEO of South Korea's top tyre maker arrested on bribery charges

11/21/2019 | 08:53am

Cho Hyun-bum, chief executive of Hankook Tire & Technology, South Korea's top tyre maker, was arrested on Thursday on charges that include allegations of taking bribes, a court spokesman said.

Hankook Tire declined to comment. Hankook was not able to provide details of Cho's lawyer.

Family-controlled Hankook Tire is one of the world's top 10 tyre makers, whose customers include Hyundai, Ford and Volkswagen.

A court in Seoul had issued the arrest warrant for Cho late on Thursday. Yonhap News Agency reported that prosecutors charged him with taking around 500 million won ($425,778.32) in kickbacks from suppliers and misappropriating funds at affiliates.

(Reporting by Hyunjoo Jin. Editing by Keith Weir and Jane Merriman)

Thomson Reuters 2020
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